Korean Shipbuilder to Pay US$3.5-million Compensation

The court upheld a jury’s finding that the Korean company wrongfully refused to pay consultants who helped secure a $696 million contract to build supertankers.

The Fourteenth Court of Appeals held that the jury’s interpretation of an ambiguous agreement between Daewoo — the world's second largest shipbuilder — and Ikanco Inc. that resulted in the judgment was appropriate.

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A port authority operates ports and other transportation infrastructure for a special-purpose district. Whether operated directly by the government or in cooperation with government agencies, North American port authorities are public entities and are governed by a board or commission.

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